That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY! In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said: “There should be 3 million homes on the market right now…Yet, there are only 1.9 … [Read more...]
4 Reasons to Sell This Fall [INFOGRAPHIC]
Some Highlights: Buyer demand continues to outpace the supply of homes for sale! Buyers are often competing with one another for the listings that are available! Housing inventory is still under the 6-month supply that is needed for a normal housing market. Perhaps the time has come for you and your family to move on and start living the life you desire. … [Read more...]
Net Worth of Homeowners 44X Greater than Renters
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago. The study revealed that the 2016 median net worth of homeowners was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner … [Read more...]
The Truth About Homeowner Equity
A recent article from a reputable news source was titled: Here’s why some homeowners still can’t sell. In the opening bullets of the article, the author claimed, “Negative equity is one of the main reasons why there are so few homes for sale.” The article then goes on to soften that stance but we want to bring better clarity to the equity situation. A recent report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have “significant equity,” … [Read more...]
A Tale of Two Markets: A 6-Month Update
Six months ago, we reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets. In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market. In the premium, or luxury, home categories, the opposite was true as there was a surplus of these homes compared to the buyers that were out searching for their dream homes, which created a … [Read more...]
You Don’t Want to Hear This from Your Listing Agent
You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to: Set the market value on possibly the largest asset your family owns (your home) Set the time schedule for the successful liquidation of that asset Set the fee for the services required to liquidate that asset An agent must be concerned first and foremost with you and your family to garner that degree of trust. Make sure this is the case. Be careful if … [Read more...]
Which Homes Have Increased in Value the Most?
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year. CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year … [Read more...]
Thinking of Selling your Home? Competition is Coming
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year. How will this impact buyers? More inventory means more options. Danielle Hale, Realtor.com’s Chief Economist, explained this is good news for the housing market – especially … [Read more...]
How to Get the Most Money from the Sale of Your Home
Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure that you get the highest price possible. 1. Price it a LITTLE LOW This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the … [Read more...]
Lack of Existing Home Inventory Slows Sales Heading into Fall [INFOGRAPHIC]
Some Highlights: The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report. First-time homebuyers made up 31% of all sales in August. Homes are selling quickly with 51% of homes on the market for less than a month. A limited supply continues to drive up prices for the 66th consecutive month. … [Read more...]
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